# Publicatieblad C 266/2010

| | ISSN 1725-2474
  doi:10.3000/17252474.C_2010.266.nld |
| --- | --- |
| Publicatieblad
  van de Europese Unie | C 266 |
| | |
| Uitgave in de Nederlandse taal | Mededelingen en bekendmakingen | 53e jaargang1 oktober 2010 |

ISSN 1725-2474

doi:10.3000/17252474.C_2010.266.nld

Publicatieblad

van de Europese Unie

C 266

Uitgave in de Nederlandse taal

Mededelingen en bekendmakingen

53e jaargang1 oktober 2010

---

| Nummer | Inhoud | Bladzijde |
| --- | --- | --- |
| | II   Mededelingen |
| | MEDEDELINGEN VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE |
| | Europese Commissie |
| 2010/C 266/01 | Goedkeuring van de steunmaatregelen van de staten in het kader van de bepalingen van de artikelen 87 en 88 van het EG-Verdrag — Gevallen waartegen de Commissie geen bezwaar maakt (
  1
  ) | 1 |
| 2010/C 266/02 | Besluit om geen bezwaar aan te tekenen tegen een aangemelde concentratie (Zaak COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  ) | 2 |

Nummer

Inhoud

Bladzijde

II   Mededelingen

MEDEDELINGEN VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE

Europese Commissie

2010/C 266/01

Goedkeuring van de steunmaatregelen van de staten in het kader van de bepalingen van de artikelen 87 en 88 van het EG-Verdrag — Gevallen waartegen de Commissie geen bezwaar maakt (
  1
  )

1

1

2010/C 266/02

Besluit om geen bezwaar aan te tekenen tegen een aangemelde concentratie (Zaak COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  )

1

2

| | IV   Informatie |
| --- | --- |
| | INFORMATIE AFKOMSTIG VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE |
| | Europese Commissie |
| 2010/C 266/03 | Wisselkoersen van de euro | 3 |

IV   Informatie

INFORMATIE AFKOMSTIG VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE

Europese Commissie

2010/C 266/03

Wisselkoersen van de euro

3

| | V   Adviezen |
| --- | --- |
| | PROCEDURES IN VERBAND MET DE UITVOERING VAN DE GEMEENSCHAPPELIJKE HANDELSPOLITIEK |
| | Europese Commissie |
| 2010/C 266/04 | Bericht betreffende de antidumpingmaatregelen die van toepassing zijn op de invoer in de Unie van bepaald polyethyleentereftalaat van oorsprong uit onder meer Maleisië: naamsverandering van een onderneming waarop een individueel antidumpingrecht van toepassing is | 4 |
| | PROCEDURES IN VERBAND MET DE UITVOERING VAN HET GEMEENSCHAPPELIJK MEDEDINGINGSBELEID |
| | Europese Commissie |
| 2010/C 266/05 | Steunmaatregelen van de Staten — Oostenrijk — Steunmaatregel C 16/09 — Hypo Group Alpe Adria (HGAA) — Uitnodiging, overeenkomstig artikel 108, lid 2, VWEU, om opmerkingen te maken (
  1
  ) | 5 |
| 2010/C 266/06 | Voorafgaande aanmelding van een concentratie (Zaak COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  ) | 11 |
| 2010/C 266/07 | Voorafgaande aanmelding van een concentratie (Zaak COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Voor een vereenvoudigde procedure in aanmerking komende zaak (
  1
  ) | 12 |

V   Adviezen

PROCEDURES IN VERBAND MET DE UITVOERING VAN DE GEMEENSCHAPPELIJKE HANDELSPOLITIEK

Europese Commissie

2010/C 266/04

Bericht betreffende de antidumpingmaatregelen die van toepassing zijn op de invoer in de Unie van bepaald polyethyleentereftalaat van oorsprong uit onder meer Maleisië: naamsverandering van een onderneming waarop een individueel antidumpingrecht van toepassing is

4

PROCEDURES IN VERBAND MET DE UITVOERING VAN HET GEMEENSCHAPPELIJK MEDEDINGINGSBELEID

Europese Commissie

2010/C 266/05

Steunmaatregelen van de Staten — Oostenrijk — Steunmaatregel C 16/09 — Hypo Group Alpe Adria (HGAA) — Uitnodiging, overeenkomstig artikel 108, lid 2, VWEU, om opmerkingen te maken (
  1
  )

1

5

2010/C 266/06

Voorafgaande aanmelding van een concentratie (Zaak COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  )

1

11

2010/C 266/07

Voorafgaande aanmelding van een concentratie (Zaak COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Voor een vereenvoudigde procedure in aanmerking komende zaak (
  1
  )

1

12

| | |
| --- | --- |
| | (1)   Voor de EER relevante tekst |

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(1)   Voor de EER relevante tekst

1

| NL | |
| --- | --- |

NL

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II Mededelingen

MEDEDELINGEN VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE

Europese Commissie

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/1 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/1

---

Goedkeuring van de steunmaatregelen van de staten in het kader van de bepalingen van de artikelen 87 en 88 van het EG-Verdrag

Gevallen waartegen de Commissie geen bezwaar maakt

(Voor de EER relevante tekst)

2010/C 266/01

| Datum waarop het besluit is genomen | 23.2.2009 |
| --- | --- |
| Referentienummer staatssteun | N 727/07 |
| Lidstaat | Italië |
| Regio | Veneto |
| Benaming van de steunregeling en/of naam van de begunstigde | Istituzione del «Fondo di rotazione per le agrienergie» |
| Rechtsgrondslag | Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter |
| Type maatregel | Steunregeling |
| Doelstelling | Milieubescherming |
| Vorm van de steun | Rentesubsidie |
| Begrotingsmiddelen | Totaal van de voorziene steun: 30 miljoen EUR |
| Maximale steunintensiteit | 80 % |
| Looptijd (periode) | tot 31.12.2010 |
| Economische sectoren | Beperkt tot de elektriciteits-, water- en gassector |
| Naam en adres van de steunverlenende autoriteit | Giunta Regionale Regione Veneto |
| Palazzo Balbi |
| 3013 Venezia VE |
| ITALIA |

Datum waarop het besluit is genomen

23.2.2009

Referentienummer staatssteun

N 727/07

Lidstaat

Italië

Regio

Veneto

Benaming van de steunregeling en/of naam van de begunstigde

Istituzione del «Fondo di rotazione per le agrienergie»

Rechtsgrondslag

Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter

Type maatregel

Steunregeling

Doelstelling

Milieubescherming

Vorm van de steun

Rentesubsidie

Begrotingsmiddelen

Totaal van de voorziene steun: 30 miljoen EUR

Maximale steunintensiteit

80 %

Looptijd (periode)

tot 31.12.2010

Economische sectoren

Beperkt tot de elektriciteits-, water- en gassector

Naam en adres van de steunverlenende autoriteit

Giunta Regionale Regione Veneto

Palazzo Balbi

3013 Venezia VE

ITALIA

Andere informatie

—

De tekst van de beschikking in de authentieke ta(a)l(en), waaruit de vertrouwelijke gegevens zijn geschrapt, is beschikbaar op site:

http://ec.europa.eu/community_law/state_aids/state_aids_texts_nl.htm

---

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/2 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/2

---

Besluit om geen bezwaar aan te tekenen tegen een aangemelde concentratie

(Zaak COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport)

(Voor de EER relevante tekst)

2010/C 266/02

Op 12 augustus 2010 heeft de Commissie besloten zich niet te verzetten tegen bovenvermelde aangemelde concentratie en deze verenigbaar met de gemeenschappelijke markt te verklaren. Deze beschikking is gebaseerd op artikel 6, lid 1, onder b), van Verordening (EG) nr. 139/2004 van de Raad. De volledige tekst van de beschikking is slechts beschikbaar in het Frans en zal openbaar worden gemaakt na verwijdering van eventuele bedrijfsgeheimen. De tekst is beschikbaar:

| — | op de website Concurrentie van de Commissie, afdeling fusies (http://ec.europa.eu/competition/mergers/cases/). Deze website biedt verschillende hulpmiddelen om individuele concentratiebeschikkingen op te zoeken, onder meer op: naam van de onderneming, nummer van de zaak, datum en sector, |
| --- | --- |

—

op de website Concurrentie van de Commissie, afdeling fusies (http://ec.europa.eu/competition/mergers/cases/). Deze website biedt verschillende hulpmiddelen om individuele concentratiebeschikkingen op te zoeken, onder meer op: naam van de onderneming, nummer van de zaak, datum en sector,

| — | in elektronische vorm op de EUR-Lex-website (http://eur-lex.europa.eu/en/index.htm) onder documentnummer 32010M5741. EUR-Lex biedt online-toegang tot de communautaire wetgeving. |
| --- | --- |

—

in elektronische vorm op de EUR-Lex-website (http://eur-lex.europa.eu/en/index.htm) onder documentnummer 32010M5741. EUR-Lex biedt online-toegang tot de communautaire wetgeving.

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IV Informatie

INFORMATIE AFKOMSTIG VAN DE INSTELLINGEN, ORGANEN EN INSTANTIES VAN DE EUROPESE UNIE

Europese Commissie

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/3 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/3

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Wisselkoersen van de euro (1)

30 september 2010

2010/C 266/03

1 euro =

| | Munteenheid | Koers |
| --- | --- | --- |
| USD | US-dollar | 1,3648 |
| JPY | Japanse yen | 113,68 |
| DKK | Deense kroon | 7,4519 |
| GBP | Pond sterling | 0,85995 |
| SEK | Zweedse kroon | 9,1421 |
| CHF | Zwitserse frank | 1,3287 |
| ISK | IJslandse kroon | |
| NOK | Noorse kroon | 7,9680 |
| BGN | Bulgaarse lev | 1,9558 |
| CZK | Tsjechische koruna | 24,600 |
| EEK | Estlandse kroon | 15,6466 |
| HUF | Hongaarse forint | 275,75 |
| LTL | Litouwse litas | 3,4528 |
| LVL | Letlandse lat | 0,7094 |
| PLN | Poolse zloty | 3,9847 |
| RON | Roemeense leu | 4,2718 |
| TRY | Turkse lira | 1,9806 |
| AUD | Australische dollar | 1,4070 |
| CAD | Canadese dollar | 1,4073 |
| HKD | Hongkongse dollar | 10,5918 |
| NZD | Nieuw-Zeelandse dollar | 1,8436 |
| SGD | Singaporese dollar | 1,7942 |
| KRW | Zuid-Koreaanse won | 1 550,65 |
| ZAR | Zuid-Afrikaanse rand | 9,5438 |
| CNY | Chinese yuan renminbi | 9,1321 |
| HRK | Kroatische kuna | 7,3058 |
| IDR | Indonesische roepia | 12 173,44 |
| MYR | Maleisische ringgit | 4,2101 |
| PHP | Filipijnse peso | 59,869 |
| RUB | Russische roebel | 41,6923 |
| THB | Thaise baht | 41,442 |
| BRL | Braziliaanse real | 2,3201 |
| MXN | Mexicaanse peso | 17,1258 |
| INR | Indiase roepie | 61,2470 |

Munteenheid

Koers

USD

US-dollar

1,3648

JPY

Japanse yen

113,68

DKK

Deense kroon

7,4519

GBP

Pond sterling

0,85995

SEK

Zweedse kroon

9,1421

CHF

Zwitserse frank

1,3287

ISK

IJslandse kroon

NOK

Noorse kroon

7,9680

BGN

Bulgaarse lev

1,9558

CZK

Tsjechische koruna

24,600

EEK

Estlandse kroon

15,6466

HUF

Hongaarse forint

275,75

LTL

Litouwse litas

3,4528

LVL

Letlandse lat

0,7094

PLN

Poolse zloty

3,9847

RON

Roemeense leu

4,2718

TRY

Turkse lira

1,9806

AUD

Australische dollar

1,4070

CAD

Canadese dollar

1,4073

HKD

Hongkongse dollar

10,5918

NZD

Nieuw-Zeelandse dollar

1,8436

SGD

Singaporese dollar

1,7942

KRW

Zuid-Koreaanse won

1 550,65

ZAR

Zuid-Afrikaanse rand

9,5438

CNY

Chinese yuan renminbi

9,1321

HRK

Kroatische kuna

7,3058

IDR

Indonesische roepia

12 173,44

MYR

Maleisische ringgit

4,2101

PHP

Filipijnse peso

59,869

RUB

Russische roebel

41,6923

THB

Thaise baht

41,442

BRL

Braziliaanse real

2,3201

MXN

Mexicaanse peso

17,1258

INR

Indiase roepie

61,2470

---

(1)  Bron: door de Europese Centrale Bank gepubliceerde referentiekoers.

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V Adviezen

PROCEDURES IN VERBAND MET DE UITVOERING VAN DE GEMEENSCHAPPELIJKE HANDELSPOLITIEK

Europese Commissie

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/4 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/4

---

Bericht betreffende de antidumpingmaatregelen die van toepassing zijn op de invoer in de Unie van bepaald polyethyleentereftalaat van oorsprong uit onder meer Maleisië: naamsverandering van een onderneming waarop een individueel antidumpingrecht van toepassing is

2010/C 266/04

Op de invoer van bepaald polyethyleentereftalaat van oorsprong uit Maleisië is een definitief antidumpingrecht van toepassing dat werd ingesteld bij Verordening (EG) nr. 192/2007 van de Raad (1), („Verordening (EG) nr. 192/2007”).

Hualon Corporation (M) Sdn. Bhd. („Hualon”), een in Maleisië gevestigde onderneming waarvan de uitvoer van bepaald polyethyleentereftalaat naar de Unie onderworpen is aan een individueel antidumpingrecht van 36 EUR/ton, dat is ingesteld bij artikel 1, lid 2, van Verordening (EG) nr. 192/2007, heeft de Commissie laten weten dat, nadat zij onder het beheer van een curator was gesteld, al haar activa en passiva in Maleisië op 23 juli 2008 zijn overgenomen door Recron (Malaysia) Sdn. Bhd. („Recron”), dat de rechtsopvolger is geworden.

Hualon heeft aangevoerd dat de overname en de naamsverandering niet van invloed zijn op de activiteiten van de onderneming ten aanzien van het betrokken product en daarom ook niet op het recht van Recron om in aanmerking te komen voor het op grond van Verordening (EG) nr. 192/2007 op Hualon toegepaste individuele antidumpingrecht.

De Commissie heeft de verstrekte informatie onderzocht en is, in aanmerking nemend dat de onderneming die om een naamsverandering verzocht, is overgenomen door een onderneming die het betrokken product voordien niet vervaardigde, tot de conclusie gekomen dat deze naamsverandering de bevindingen van Verordening (EG) nr. 192/2007 geenszins beïnvloedt. Daarom moet in artikel 1, lid 2, van Verordening (EG) nr. 192/2007:

Hualon Corp. (M) Sdn. Bhd.

gelezen worden als:

Recron (Malaysia) Sdn. Bhd.

De aanvullende TARIC-code A186 die vroeger aan Hualon Corp. (M) Sdn. Bhd. was toegekend, is nu op Recron (Malaysia) Sdn. Bhd. van toepassing.

---

(1)  PB L 59 van 27.2.2007, blz. 1.

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PROCEDURES IN VERBAND MET DE UITVOERING VAN HET GEMEENSCHAPPELIJK MEDEDINGINGSBELEID

Europese Commissie

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/5 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/5

---

STEUNMAATREGELEN VAN DE STATEN — OOSTENRIJK

Steunmaatregel C 16/09 — Hypo Group Alpe Adria (HGAA)

Uitnodiging, overeenkomstig artikel 108, lid 2, VWEU, om opmerkingen te maken

(Voor de EER relevante tekst)

2010/C 266/05

De Commissie heeft Oostenrijk bij schrijven van 22 juni 2010, dat na deze samenvatting in de authentieke taal is weergegeven, in kennis gesteld van haar besluit tot verlenging van de goedkeuring van de steunmaatregelen die tijdelijk verenigbaar zijn verklaard met de interne markt en tot verdere uitbreiding van de procedure van artikel 108, lid 2, van het Verdrag betreffende de werking van de Europese Unie.

Belanghebbenden kunnen hun opmerkingen over de steunmaatregelen ten aanzien waarvan de Commissie de procedure uitbreidt, maken door deze binnen twee weken vanaf de datum van bekendmaking van deze samenvatting en de daarop volgende brief, te zenden aan:

| Europese Commissie |
| --- |
| Directoraat-generaal Concurrentie |
| Griffie Staatssteun |
| Kamer: J-70, 03/219 |
| 1049 Brussel |
| BELGIË |
| Fax +32 22961242 |

Europese Commissie

Directoraat-generaal Concurrentie

Griffie Staatssteun

Kamer: J-70, 03/219

1049 Brussel

BELGIË

Fax +32 22961242

Deze opmerkingen zullen ter kennis van Oostenrijk worden gebracht. Een belanghebbende die opmerkingen maakt, kan, met opgave van redenen, schriftelijk verzoeken om vertrouwelijke behandeling van zijn identiteit.

1.   PROCEDURE

Bij besluit van 18 december 2008 gaf de Europese Commissie uit hoofde van artikel 107, lid 3, onder b), VWEU in zaak N 615/08 goedkeuring voor de noodsteun door Duitsland ten gunste van BayernLB, de meerderheidsaandeelhouder in Hypo Group Alpe Adria (hierna „HGAA” genoemd), in de vorm van een risicoschild van 4,8 miljard EUR, en een kapitaalinjectie van 10 miljard EUR voor een periode van zes maanden dan wel tot indiening van een geloofwaardig en onderbouwd herstructureringsplan voor de bank. Deze steun stelde BayernLB in staat om 700 miljoen EUR in te brengen in haar dochteronderneming HGAA. In diezelfde maand verleende Oostenrijk een kapitaalinjectie voor HGAA ten bedrage van 900 miljoen EUR in het kader van het Oostenrijkse bankenplan.

Op 29 april 2009 meldde Duitsland bij de Commissie een herstructureringsplan aan voor BayernLB met inbegrip van HGAA. Op diezelfde dag verstrekte Oostenrijk een levensvatbaarheidplan voor HGAA, hetgeen uit hoofde van het Oostenrijkse bankenplan is vereist voor fundamenteel gezonde banken.

In haar besluit van 12 mei 2009 betreffende steunmaatregel N 254/09 (hierna „het besluit tot inleiding van de procedure” genoemd) formuleerde de Commissie twijfel over de verenigbaarheid met de interne markt van de steun voor BayernLB, wierp zij de vraag op of HGAA fundamenteel gezond was en uitte zij twijfel over de verenigbaarheid met artikel 107, lid 3, onder b), VWEU van de door Oostenrijk aan HGAA verleende steun.

Oostenrijk meldde op 18 december 2009 aanvullende steun aan.

In haar besluit van 23 december 2009 betreffende de steunmaatregelen C 16/09 en N 698/09 oordeelde de Commissie de in punt 2 omschreven maatregelen ten gunste van HGAA tijdelijk verenigbaar met de interne markt uit hoofde van artikel 107, lid3, onder b, VWEU tot de tot indiening van een geloofwaardig herstructureringsplan en de beoordeling daarvan door de Commissie, zij het echter voor een periode van uiterlijk zes maanden. Tegelijkertijd werd de procedure van artikel 108, lid 2, VWEU, uitgebreid tot deze aanvullende maatregelen.

In april 2010 diende Oostenrijk een herstructureringsplan voor HGAA in.

Omdat de Commissie doende is het herstructureringsplan en de steun te beoordelen, verzocht Oostenrijk om een verlenging van de tijdelijke goedkeuring van de maatregelen.

2.   DE MAATREGELEN TEN BEHOEVE VAN HGAA

HGAA ontving 700 miljoen EUR van BayernLB en 900 miljoen EUR aan Tier 1 Partizipationskapital van Oostenrijk en liquiditeitsgaranties ten bedrage 1,35 miljard EUR voor uitgifte van obligaties op grond van de Oostenrijkse regeling voor noodsteun aan banken.

Bovendien werden ten gunste van HGAA de volgende steunmaatregelen genomen, die tijdelijk door Commissie werden goedgekeurd bij het besluit van december 2009:

| — | een tijdelijke garantie van 100 miljoen EUR door Oostenrijk volgens de voorwaarden voor noodlijdende banken in het kader van de Oostenrijkse regeling voor noodsteun aan banken; |
| --- | --- |

—

een tijdelijke garantie van 100 miljoen EUR door Oostenrijk volgens de voorwaarden voor noodlijdende banken in het kader van de Oostenrijkse regeling voor noodsteun aan banken;

| — | een herkapitalisatie van 200 miljoen EUR door de deelstaat Karinthië, met een dividend van 6 %, voor de eerste keer betaalbaar voor het boekjaar 2013; |
| --- | --- |

—

een herkapitalisatie van 200 miljoen EUR door de deelstaat Karinthië, met een dividend van 6 %, voor de eerste keer betaalbaar voor het boekjaar 2013;

| — | een verdere herkapitalisatie door Oostenrijk volgens de voorwaarden voor noodlijdende banken in het kader van de Oostenrijkse regeling voor noodsteun aan banken voor een maximumbedrag van 350 miljoen EUR; |
| --- | --- |

—

een verdere herkapitalisatie door Oostenrijk volgens de voorwaarden voor noodlijdende banken in het kader van de Oostenrijkse regeling voor noodsteun aan banken voor een maximumbedrag van 350 miljoen EUR;

| — | liquiditeitsmaatregelen ten bedrage van ongeveer 200 miljoen EUR door de deelstaat Karinthië in de context van bestaande zakelijke relaties. |
| --- | --- |

—

liquiditeitsmaatregelen ten bedrage van ongeveer 200 miljoen EUR door de deelstaat Karinthië in de context van bestaande zakelijke relaties.

3.   BEOORDELING

De Commissie heeft in haar besluiten van 12 mei 2009 en 23 december 2009 al vastgesteld dat de ten behoeve van HGAA verleende maatregelen staatssteun vormen.

De oorspronkelijke, in de twee voorgaande besluiten geuite twijfel over de verenigbaarheid van de steunmaatregelen is nog niet weggenomen door de indiening van het herstructureringsplan.

Met betrekking tot het herstel van de levensvatbaarheid twijfelt de Commissie of het algehele bedrijfsmodel van de bank geschikt is om de levensvatbaarheid te herstellen.

Gelet op de lage rating en te verwachten hoge fundingkosten van HGAA in het licht van het verstrijken van de garanties van de deelstaat Karinthië en de fundingsteun van BayernLB, de vroegere eigenaar van HGAA, vraagt de Commissie zich bovendien af of HGAA haar bedrijfsmodel niet ingrijpender moet heroriënteren, waarvan met name haar door geringe marges gekenmerkte activiteiten ter zake van overheidsfinanciering te lijden kunnen krijgen.

Voorts is de Commissie van mening dat HGAA zich voor aanzienlijke problemen ziet gesteld ten aanzien van de kwaliteit van haar activa, gezien de lage en nog steeds verslechterende kwaliteit van haar leningenportefeuille en twijfelt zij eraan of de onderliggende problemen met betrekking tot het besluitvormings- en risicobeheersproces tijdig kunnen worden opgelost.

De Commissie twijfelt er ook aan of de bank in staat zou zijn haar eigen kapitaal te vergoeden zoals vermeld in de herstructureringsmededeling, welke een passende rendement op eigen vermogen vereist, overeenkomstig het risicoprofiel van de bank, en of de bank in staat is een passende vergoeding te geven, rekening houdend met normale marktomstandigheden, respectievelijk het door de staat verschafte kapitaal op termijn terug te betalen.

Daarnaast vraagt de Commissie zich af of het door Oostenrijk in het kader van het Oostenrijkse bankenplan in HGAA ingebrachte kapitaal, op passende wijze wordt vergoed aangezien de bank door Oostenrijk ten tijde van de kapitaalinjectie in december 2008 als fundamenteel gezond werd beschouwd en derhalve lagere tarieven kon genieten. De Commissie herinnert eraan dat zij in haar besluit van mei 2009 vraagtekens heeft gezet bij het oordeel van Oostenrijk dat de bank fundamenteel gezond is.

Met betrekking tot maatregelen voor het aanpakken van mededingingsverstoringen, herinnert de Commissie aan haar twijfel of de voorgestelde maatregelen toereikend zijn om de door de steun veroorzaakte verstoringen passend te beperken. Met name lijken de meeste van de activiteiten die HGAA voornemens is af te stoten, zich te concentreren op verliesgevende activiteiten, waarvan de afstoting noodzakelijk is om de levensvatbaarheid te herstellen. Met andere woorden, de Commissie vraagt zich af of er niet meer maatregelen noodzakelijk zijn om de door de steun veroorzaakte mededingingsverstoringen te verhelpen.

TEKST VAN DE BRIEF

„The Commission wishes to inform your authorities that it has further extended the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) initiated on 12 May 2009 with its decision C(2009) 3811 final. The Commission also prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

1.   PROCEDURE

| (1) | By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1). |
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(1)

By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1).

| (2) | In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3). |
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(2)

In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3).

| (3) | On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA. |
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(3)

On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA.

| (4) | In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria. |
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(4)

In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria.

| (5) | Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19. |
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(5)

Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19.

| (6) | In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19. |
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(6)

In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19.

| (7) | In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures. |
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(7)

In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures.

| (8) | Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English. |
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(8)

Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English.

2.   DESCRIPTION

| (9) | For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision. |
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(9)

For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision.

2.1.   The beneficiary

| (10) | HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP. |
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(10)

HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP.

| (11) | HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009. |
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(11)

HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009.

| (12) | HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above. |
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(12)

HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above.

| (13) | HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period. |
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(13)

HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period.

| (14) | The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7). |
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(14)

The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7).

| (15) | Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009. |
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(15)

Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009.

| (16) | HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook. |
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(16)

HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook.

2.2.   The measures

| (17) | In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria. |
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(17)

In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria.

| (18) | HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme. |
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(18)

HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme.

| (19) | In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:






  — | a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme, |
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(19)

In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:

—

a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme,

| — | a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013, |
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—

a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013,

| — | a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million, |
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—

a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million,

| — | liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships. |
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—

liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships.

3.   THE RESTRUCTURING PLAN

| (20) | According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...]. |
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(20)

According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...].

| (21) | The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only. |
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(21)

The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only.

| (22) | The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20. |
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(22)

The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20.

| (23) | The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types. |
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(23)

The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types.

| (24) | According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems. |
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(24)

According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems.

| (25) | The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries. |
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(25)

The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries.

4.   ASSESSMENT OF THE AID

4.1.   Existence of aid

| (26) | As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty. |
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(26)

As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty.

| (27) | The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009. |
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(27)

The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009.

4.2.   Compatibility of the Aid

| (28) | The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9). |
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(28)

The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9).

| (29) | A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid. |
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(29)

A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid.

| (30) | The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid. |
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(30)

The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid.

| (31) | As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability. |
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(31)

As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability.

| (32) | Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis. |
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(32)

Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis.

| (33) | The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past. |
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(33)

The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past.

| (34) | In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins. |
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(34)

In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins.

| (35) | Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems. |
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(35)

Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems.

| (36) | The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA. |
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(36)

The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA.

| (37) | In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan. |
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(37)

In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan.

| (38) | Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough. |
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(38)

Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough.

| (39) | In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time. |
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(39)

In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time.

| (40) | As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate. |
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(40)

As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate.

| (41) | In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision. |
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(41)

In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision.

| (42) | As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid. |
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(42)

As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid.

5.   CONCLUSION

| (43) | All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition. |
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(43)

All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition.

| (44) | In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU. |
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(44)

In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU.

| (45) | However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State. |
| --- | --- |

(45)

However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State.

| (46) | The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan. |
| --- | --- |

(46)

The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

6.   DECISION

In view of the above, the Commission has decided:

| — | to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and |
| --- | --- |

—

to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and

| — | to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria. |
| --- | --- |

—

to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria.

The Commission requests Austria to provide all information necessary for the Commission to assess the compatibility of the aid measures. Austria is requested to forward a copy of this letter to HGAA immediately.

The Commission warns Austria that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Union. It will also inform interested parties in the EFTA countries which are signatories to the EEA Agreement, by publishing a notice in the EEA Supplement to the Official Journal of the European Union, and will inform the EFTA Surveillance Authority by sending a copy of this letter. All such interested parties will be invited to submit their comments within one month of the date of such publication.”

---

(1)  Commission Decision of 18 December 2008 in case N 615/08 BayernLB, OJ C 80/4 of 3 April 2009.

1

BayernLB

(2)  Partizipationskapital has no voting rights.

2

Partizipationskapital

(3)  Commission Decision of 9 December 2008 in case N 557/08, OJ C 3, 8.1.2009, p. 2, Maßnahmen nach dem Finanzmarktstabilitäts- und dem Interbankmarktstärkungsgesetz für Kreditinstitute und Versicherungsunternehmen in Österreich, last prolonged by Commission Decision of 16 December 2009 in case N 663/09.

3

(4)  OJ C 134, 13.6.2009, p. 31.

4

(5)  OJ C 85, 31.3.2010, p. 21.

5

(6)  Confidential information.

6

(7)  This stems from the previously prevailing State guarantees for new debt (“Ausfallshaftung”) from the Land Carinthia which was abolished with a transitional period and a grandfathering clause in 2003.

7

(8)  Defined as a high likelihood that the borrower cannot repay the loan, or if the payments are more then 90 days overdue. Taking into account the lower payment morale in some of the markets where HGAA operates, the bank has replaced the 90 days criterion with a 180 days criterion in some countries.

8

(9)  Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (OJ C 195, 19.8.2009, p. 9).

9

(10)  Commission Decision of 13 November in case C 15/08, Hypo RealEstate, not yet published, and Commission Decision of 31 March 2009 in case C 10/09 ING (OJ C 158, 11.7.2009, p. 13).

10

Hypo RealEstate

ING

---

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/11 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/11

---

Voorafgaande aanmelding van een concentratie

(Zaak COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45)

(Voor de EER relevante tekst)

2010/C 266/06

| 1. | Op 23 september 2010 heeft de Commissie een aanmelding van een voorgenomen concentratie in de zin van artikel 4 van Verordening (EG) nr. 139/2004 van de Raad (1) ontvangen. Hierin is meegedeeld dat de ondernemingen Finavias S.à r.l („Finavias”, Luxemburg), die onder de zeggenschap staat van AXA Investment Managers Private Equity SA („AXA Private Equity”, Frankrijk), die zelf deel uitmaakt van het concern AXA („AXA”, Frankrijk), en Iberpistas, die onder de zeggenschap staat van Abertis Infraestructuras, SA („Abertis”, Spanje) in de zin van artikel 3, lid 1, onder b), van de EG-concentratieverordening de gezamenlijke zeggenschap verkrijgen over de onderneming Autopista Trados M-45 („Trados M-45”, Spanje) door de verwerving van aandelen. |
| --- | --- |

1.

Op 23 september 2010 heeft de Commissie een aanmelding van een voorgenomen concentratie in de zin van artikel 4 van Verordening (EG) nr. 139/2004 van de Raad (1) ontvangen. Hierin is meegedeeld dat de ondernemingen Finavias S.à r.l („Finavias”, Luxemburg), die onder de zeggenschap staat van AXA Investment Managers Private Equity SA („AXA Private Equity”, Frankrijk), die zelf deel uitmaakt van het concern AXA („AXA”, Frankrijk), en Iberpistas, die onder de zeggenschap staat van Abertis Infraestructuras, SA („Abertis”, Spanje) in de zin van artikel 3, lid 1, onder b), van de EG-concentratieverordening de gezamenlijke zeggenschap verkrijgen over de onderneming Autopista Trados M-45 („Trados M-45”, Spanje) door de verwerving van aandelen.

| 2. | De bedrijfswerkzaamheden van de betrokken ondernemingen zijn:






  — | Finavias: activiteiten op het gebied van private equity en vermogensbeheer, |
| --- | --- | --- |

2.

De bedrijfswerkzaamheden van de betrokken ondernemingen zijn:

—

Finavias: activiteiten op het gebied van private equity en vermogensbeheer,

| — | AXA Private Equity: vermogensbeheer, beleggingen in niet-beursgenoteerde ondernemingen of beleggingsfondsen. Zij maakt deel uit van AXA, een internationale groep die zich bezighoudt met het verlenen van levens- en schadeverzekeringen en aanverwante financiële diensten, |
| --- | --- |

—

AXA Private Equity: vermogensbeheer, beleggingen in niet-beursgenoteerde ondernemingen of beleggingsfondsen. Zij maakt deel uit van AXA, een internationale groep die zich bezighoudt met het verlenen van levens- en schadeverzekeringen en aanverwante financiële diensten,

| — | Abertis: infrastructuur op het gebied van mobiliteit en telecommunicatie op verschillende gebieden: beheer van tolsnelwegen, parkeerterreinen, luchthavens, logistieke diensten en telecommunicatie-infrastructuur, |
| --- | --- |

—

Abertis: infrastructuur op het gebied van mobiliteit en telecommunicatie op verschillende gebieden: beheer van tolsnelwegen, parkeerterreinen, luchthavens, logistieke diensten en telecommunicatie-infrastructuur,

| — | Trados M-45: beheer van autowegen. |
| --- | --- |

—

Trados M-45: beheer van autowegen.

| 3. | Op grond van een voorlopig onderzoek is de Commissie van oordeel dat de aangemelde transactie binnen het toepassingsgebied van de EG-concentratieverordening kan vallen. Ten aanzien van dit punt wordt de definitieve beslissing echter aangehouden. |
| --- | --- |

3.

Op grond van een voorlopig onderzoek is de Commissie van oordeel dat de aangemelde transactie binnen het toepassingsgebied van de EG-concentratieverordening kan vallen. Ten aanzien van dit punt wordt de definitieve beslissing echter aangehouden.

| 4. | De Commissie verzoekt belanghebbenden haar hun eventuele opmerkingen over de voorgenomen concentratie kenbaar te maken.
  Deze opmerkingen moeten de Commissie uiterlijk tien dagen na dagtekening van deze bekendmaking hebben bereikt. Zij kunnen per faxbericht (+32 22964301), per e-mail naar COMP-MERGER-REGISTRY@ec.europa.eu of per post, onder vermelding van zaaknummer COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, aan onderstaand adres worden toegezonden:





  Europese Commissie |
| --- | --- |
| Directoraat-generaal Concurrentie |
| Griffie voor concentraties |
| J-70 |
| 1049 Brussel |
| BELGIË |

4.

De Commissie verzoekt belanghebbenden haar hun eventuele opmerkingen over de voorgenomen concentratie kenbaar te maken.

Deze opmerkingen moeten de Commissie uiterlijk tien dagen na dagtekening van deze bekendmaking hebben bereikt. Zij kunnen per faxbericht (+32 22964301), per e-mail naar COMP-MERGER-REGISTRY@ec.europa.eu of per post, onder vermelding van zaaknummer COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, aan onderstaand adres worden toegezonden:

Europese Commissie

Directoraat-generaal Concurrentie

Griffie voor concentraties

J-70

1049 Brussel

BELGIË

---

(1)  PB L 24 van 29.1.2004, blz. 1 (de „EG-concentratieverordening”).

---

| 1.10.2010 | NL | Publicatieblad van de Europese Unie | C 266/12 |
| --- | --- | --- | --- |

1.10.2010

NL

Publicatieblad van de Europese Unie

C 266/12

---

Voorafgaande aanmelding van een concentratie

(Zaak COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV)

Voor een vereenvoudigde procedure in aanmerking komende zaak

(Voor de EER relevante tekst)

2010/C 266/07

| 1. | Op 22 september 2010 heeft de Commissie een aanmelding van een voorgenomen concentratie in de zin van artikel 4 van Verordening (EG) nr. 139/2004 van de Raad (1) ontvangen. Hierin is meegedeeld dat Apotheek DocMorris N.V. (Nederland), die deel uitmaakt van het concern Haniel, en K-mail Order GmbH & Co KG (Duitsland), in de zin van artikel 3, lid 1, onder b), van de EG-concentratieverordening de gezamenlijke zeggenschap verkrijgen over Wellsana B.V. (Nederland) door de verwerving van aandelen in een nieuw opgerichte gemeenschappelijke onderneming. |
| --- | --- |

1.

Op 22 september 2010 heeft de Commissie een aanmelding van een voorgenomen concentratie in de zin van artikel 4 van Verordening (EG) nr. 139/2004 van de Raad (1) ontvangen. Hierin is meegedeeld dat Apotheek DocMorris N.V. (Nederland), die deel uitmaakt van het concern Haniel, en K-mail Order GmbH & Co KG (Duitsland), in de zin van artikel 3, lid 1, onder b), van de EG-concentratieverordening de gezamenlijke zeggenschap verkrijgen over Wellsana B.V. (Nederland) door de verwerving van aandelen in een nieuw opgerichte gemeenschappelijke onderneming.

| 2. | De bedrijfswerkzaamheden van de betrokken ondernemingen zijn:






  — | Apotheek DocMorris N.V.: kleinhandel in farmaceutische producten via een apotheek, |
| --- | --- | --- |

2.

De bedrijfswerkzaamheden van de betrokken ondernemingen zijn:

—

Apotheek DocMorris N.V.: kleinhandel in farmaceutische producten via een apotheek,

| — | K-mail Order GmbH & Co KG: kleinhandel in mode, juwelen, woningbenodigdheden, huishoudartikelen en gezondheidsproducten. |
| --- | --- |

—

K-mail Order GmbH & Co KG: kleinhandel in mode, juwelen, woningbenodigdheden, huishoudartikelen en gezondheidsproducten.

| 3. | Op grond van een voorlopig onderzoek is de Commissie van oordeel dat de aangemelde concentratie binnen het toepassingsgebied van de EG-concentratieverordening kan vallen. Ten aanzien van dit punt wordt de definitieve beslissing echter aangehouden. Er zij op gewezen dat deze zaak in aanmerking kan komen voor de vereenvoudigde procedure zoals uiteengezet in de mededeling van de Commissie betreffende een vereenvoudigde procedure voor de behandeling van bepaalde concentraties krachtens de EG-concentratieverordening (2). |
| --- | --- |

3.

Op grond van een voorlopig onderzoek is de Commissie van oordeel dat de aangemelde concentratie binnen het toepassingsgebied van de EG-concentratieverordening kan vallen. Ten aanzien van dit punt wordt de definitieve beslissing echter aangehouden. Er zij op gewezen dat deze zaak in aanmerking kan komen voor de vereenvoudigde procedure zoals uiteengezet in de mededeling van de Commissie betreffende een vereenvoudigde procedure voor de behandeling van bepaalde concentraties krachtens de EG-concentratieverordening (2).

| 4. | De Commissie verzoekt belanghebbenden haar hun eventuele opmerkingen over de voorgenomen concentratie kenbaar te maken.
  Deze opmerkingen moeten de Commissie uiterlijk tien dagen na dagtekening van deze bekendmaking hebben bereikt. Zij kunnen per faxbericht (+32 22964301), per e-mail naar COMP-MERGER-REGISTRY@ec.europa.eu of per post, onder vermelding van zaaknummer COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, aan onderstaand adres worden toegezonden:





  Europese Commissie |
| --- | --- |
| Directoraat-generaal Concurrentie |
| Griffie voor concentraties |
| J-70 |
| 1049 Brussel |
| BELGIË |

4.

De Commissie verzoekt belanghebbenden haar hun eventuele opmerkingen over de voorgenomen concentratie kenbaar te maken.

Deze opmerkingen moeten de Commissie uiterlijk tien dagen na dagtekening van deze bekendmaking hebben bereikt. Zij kunnen per faxbericht (+32 22964301), per e-mail naar COMP-MERGER-REGISTRY@ec.europa.eu of per post, onder vermelding van zaaknummer COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, aan onderstaand adres worden toegezonden:

Europese Commissie

Directoraat-generaal Concurrentie

Griffie voor concentraties

J-70

1049 Brussel

BELGIË

---

(1)  PB L 24 van 29.1.2004, blz. 1 (de „EG-concentratieverordening”).

(2)  PB C 56 van 5.3.2005, blz. 32 („mededeling betreffende een vereenvoudigde procedure”).

---